Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2012 Page 9
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27FEDERAL TAX CHANGES
• Deferral of debt discharge income from reacquisitions of
The Governor signed House Bill 729 into law. Consequently,
business debt at a discount in 2009 and 2010; federally de-
for taxable years beginning on or after January 1, 2012, with
ferred for up to five years, then included ratably over five years,
exceptions as discussed below, Georgia has adopted the
I.R.C. Section 108(i).
provisions of all federal acts (as they relate to the computation
• Modified rules for high yield original issue discount obliga-
of federal adjusted gross income (AGI) for individuals or federal
tions, I.R.C. Sections 163(e)(5)(F) and 163(i)(1).
taxable income for non-individuals) that were enacted on or
• New York Liberty Zone Benefits, I.R.C. Section 1400L.
before January 1, 2012. For 2012,
the I.R.C. Section 179
• 50% first year depreciation for post 8/28/2006 Gulf Oppor-
deduction is $139,000 and the related phase out is $560,000.
tunity Zone property, I.R.C. Section 1400N(d)(1).
Georgia has not adopted the Section 179 deduction for certain
• 50% bonus depreciation for most tangible property and
real property.
computer software bought after May 4, 2007 and placed in
service in the Kansas Disaster Area, I.R.C. Section
Exceptions
1400N(d)(1).
Georgia has not adopted I.R.C. Section 168(k) (the 30%, 50%
• 50% bonus depreciation for “qualified reuse and recycling
and 100% bonus depreciation rules) except for I.R.C. Section
property”, I.R.C. Section 168(m).
168(k)(2)(A)(i) (the definition of qualified property), I.R.C.
• 50% bonus depreciation in connection with disasters fed-
Section 168(k)(2)(D)(i) (exceptions to the definition of qualified
erally declared after 2007, I.R.C. Section 168(n).
property), and I.R.C. Section 168(k)(2)(E) (special rules for
• Increased ($8,000) first-year depreciation limit for passen-
qualified property) and Georgia has not adopted I.R.C. Section
ger automobiles if the passenger automobile is “qualified prop-
199 (federal deduction for income attributable to domestic
erty,” I.R.C. Section 168(k).
production activities).
• 15 year straight-line cost recovery period for certain im-
Georgia has also Not adopted the following:
provements to retail space, I.R.C. Sections 168(e)(3)(E)(ix),
168(e)(8), and 168(b)(3)(I).
• The exclusion of $2,400 of unemployment income for 2009,
• Modified rules relating to the 15 year straight-line cost re-
I.R.C. Section 85(c).
covery for qualified restaurant property (allowing buildings to
• Additional itemized deduction for the sales tax on the
now be included), I.R.C. Section 168(e)(7).
purchase of a new vehicle in 2009, I.R.C. Sections 164(a)(6)
• 5 year depreciation life for most new farming machinery
and 164(b)(6). Please note: Georgia also does not allow the
and equipment, I.R.C. Section 168(e)(3)(B)(vii).
increased standard deduction for sales tax on the purchase
• Special rules relating to Gulf Opportunity Zone public utility
of a new vehicle in 2009 because Georgia has its own standard
casualty losses, I.R.C. Section 1400N(j).
deduction.
• 5 year carryback of NOLs attributable to Gulf Opportunity
• The election to increase the normal two year net operating
Zone losses, I.R.C. Section 1400N(k).
loss carryback to 3, 4, or 5 years for tax years 2008 and
• 5 year carryback of NOLs incurred in the Kansas disaster
2009, I.R.C. Sections 172(b)(1)(H) and 810(b)(4).
area after May 3, 2007, I.R.C. Section 1400N(k).
• The transition rule that would allow a taxpayer to revoke a
• 5 year carryback of certain disaster losses, I.R.C. Sec-
prior election to forego the net operating loss carryback period.
tions 172(b)(1)(J) and 172(j).
Page 7
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